Banks within the scope of the deposit guarantee scheme
Banks within the scope of domestic deposit guarantee
Domestic member banks of the Deposit Guarantee Fund
The Financial Stability Authority administers the Deposit Guarantee Fund, which is a national fund consisting of payments collected from deposit banks registered in Finland. All deposit-taking banks authorised in Finland are members of the Deposit Guarantee Fund. Therefore, they are within the scope of the deposit guarantee provided by the Finnish Deposit Guarantee Fund.
Banks that have partial or full responsibility for each other’s commitments and obligations are considered as one bank in terms of deposit guarantee. Such banks include the member banks of OP Financial Group, the Savings Banks Group and the POP Bank group.
The Financial Stability Authority maintains a list of banks belonging to the scope of the deposit guarantee.
Domestic banks (Excel), updated on 11 October 2018
Domestic banks' foreign branches
Finnish banks’ foreign branches are within the scope of the Finnish deposit guarantee. However, if the target country's deposit guarantee has more extensive cover than the Finnish deposit guarantee, supplementary cover for the branch’s deposits may have been requested from the target country's scheme.
Foreign branches (Excel), updated on 11 October 2018
Banks falling outside the scope of domestic deposit guarantee
Finnish branches of foreign banks
There are branches of banks domiciled in other EU or EEA countries operating in Finland and authorised to accept deposits here. These branches are covered by the deposit guarantee schemes of their respective home countries, not by the Finnish Deposit Guarantee Fund. For example in Sweden the Swedish National Debt Office (Riksgälden) is the authority responsible for the deposit guarantee scheme. The deposit guarantee fund is administered in Denmark by Finansiel Stabilitet, in Norway by Bankenessikringsfond and in Estonia by Tagatisfond. The Financial Stability Authority maintains a list of branches of banks domiciled in EU and EEA countries operating in Finland, because one of the Financial Stability Authority’s tasks is the payment of deposit guarantee compensation to the depositors of these branches on behalf of the home state of the banks, in accordance with a decision of the deposit guarantee scheme of the bank's home state.
Deposit guarantee schemes within the European Economic Area are regulated by the EU Deposit Guarantee Directive issued in 2014, with the level of protection offered by the schemes broadly harmonised at EUR 100,000. However, it should be noted that foreign deposit guarantee schemes are not necessarily liable to pay out compensation in a currency other than that of the home country, and that the level of the deposit guarantee may also be linked to the home currency of the deposit guarantee scheme. In such case, the depositor should be aware of the potential exchange rate risk of such a deposit guarantee.
Finnish brances of foreign banks (Excel), updated on 3 June 2019
Other foreign banks operating in Finland
There are also such foreign banks actively marketing services and receiving deposits in Finland that have no branches in Finland, and whose supervision and deposit insurance is maintained by their home state. The Financial Stability Authority has no tasks related to the payment of deposit guarantee compensation to the depositors of these banks. Parties of this type (such as Bank Norwegian) are not included in the list "Finnish branches of foreign banks".